Do We Really Need Billionaires?

In March 2018, Forbes reported that it had identified 2,208 billionaires from 72 countries and territories. Collectively, this group was worth $9.1 trillion, an increase in wealth of 18 percent since the preceding year. Americans led the way with a record 585 billionaires, followed by mainland China which, despite its professed commitment to Communism, had a record 373. According to a Yahoo Finance report in late November 2018, the wealth of U.S. billionaires increased by 12 percent during 2017, while that of Chinese billionaires grew by 39 percent. These vast fortunes were created much like those amassed by the Robber Barons of the late nineteenth century.